We are Done - REJECTED

We received a call from the listing agent today and she told us Fannie Mae countered with "the FULL asking price" she also said they are not going to come down AT ALL on the asking price because Fannie Mae already has it listed below FMV and there is "interest" in the property.

She said we could come in and she will send over our max (35K) but, she can ASSURE us it will NOT be entertained by the bank. She also informed me that all offers must be submitted with a 10% deposit (which is ok for us)....not the 1,000 we gave her last week. She also said that the lender is NOT interested in the repair estimates because it is sold as is, where is. So the justification for reduced price is meaningless.

I was told the property would not be multiple listed and IT IS. Maybe we are being bullied but, I honestly believe our mistake was not buying it at auction last month for 53K. Now, they are not even going to consider an offer unless it is right on the asking price of 79,900.

I really think it depends on the areas as to how these sales work. There are sooo few here. We have had 2 foreclosures in this area in the past year and the last one sold for $15K ABOVE the asking price. I know this one will do the same.

Thanks for all your help everyone and good luck in all your endeavors. It has been a learning experience. But for us, right now ... We are frustrated, mentally exhausted and DONE.

Sorry to hear about your latest offer. Real estate is a learning process and each day we may learn something new to better prepare us for tomorrow. I have learned and missed several good opportunities but the thing I have always learned is there are more opportunitites each day. The key may be to establish a plan look at various other opportunities in your local area.

You may want to try to find a probate property, extremely motivated seller or contact all the local small banks near you and inqurie about their REOs. Anything that is worth something to us is worth the effort. Thus, if it is something that really matters to you, take a break, recharge and then hit the ground running.

Dean's tips, techniques and strategies really do work but it does take persistence, consistency and effort. Sometimes as I have heard by others it is best to try to be "thick skinned" when facing rejection and know you may be one step closer to getting that "YES". Once the first deal finally does happen, the feeling is so great you just want to do it again. Best wishes and I hope you are able to locate a deal. Believe and Achieve! - Joe

About 1 1/2 months ago there was an article in our local paper saying investors are buying foreclosures 10%-20% above asking price. When I attended my 1st RE Investors meeting one of the investors said he is buying foreclosures for less than the asking price. Another investor said that he knows someone on 'the inside' who is letting him know about these deals quickly and he doesn't pay full price for them.

Without knowing the nuaunces of your deal it's hard for me to know what exactly went wrong. But in a situation like this I would keep an eye on its progress, and keep resubmitting your offer each week. It sounds like they want to see if they could get a bidding war going. For me presonally, I would of purchased the property at auction. This is rare to see them doing what they are doing. Like you said it could be your market. Anyway, here is my advice, get rid of your realtor, and find one who works with investors exclusively, and who is not intimidated by low offers---look for an independent agent.

Whatever you do don't give up! What dosen't kill you will only make you stronger -- FN. My best regards and you guys are in my thoughts and prayers.

southstar

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KNOWLEDGE FUELED BY EMOTION EQUALS ACTION, BUT IT IS ACTION THAT ENSURES RESULTS.

I would hold off wait for a month to see if it is still on the market,I heard on the news last week that fannie mae is running into problems again.If they don't sell the property soon,they are going to be in for alot of holding cost on the property.keep an eye on the property,if it don't sell soon they are going have to lower the price.

Believe me we all go through the rough times. Trust me!!! I know!
However, do not give up! Do not back out. Things have a way of working out at the end. If it didn't work out with this property, then it wasn't meant to be, then there will be another one.

I think I just need a break to clear my head. I have no problem with defeat....I have a problem when I feel things are not being handled fair.

The realtors in this town have a rep of "playing" games. WE DID NOT HIRE A BUYERS AGENT FOR THIS DEAL. We decided against it and just used the listing agent. The listing agent is the one who is horrendous. I also cannot believe we live in a state that has a non-disclosure law - which means the realtors have NO LEGAL obligation to disclose anything about a house and all houses are sold as is (foreclosure or not). Only a lender can require an inspection if required for the loan. So mold or no mold ..... makes no difference. She does not need to inform any potential buyer of her knowledge.

Plus, in this town, we have several realtors who are also rental companies ..... they will buy this before any "private party" will~she told me "I have called other realtors for their BPO this is standard requirements for Fannie Mae foreclosures" .... I called Fannie Mae and they do not require the realtor to call a bunch of OTHER realtors for BPO's --- she was letting them know about the propertry.

EVERYTHING I have learned about foreclosures goes out the window with this house. I cant see how foreclosures in this town are selling for HIGHER than the bank payoffs. I love this house so much but, I WILL NOT pay the bank 30K more than what it did NOT sell for at auction.

I am going to "let it sit" and if it does not sell .... maybe make my 35K offer. But, probably not. I dont wanna pay above and beyond for a foreclosure.....that would NOT be a DEAL !!!!! That would be a rip off. LOL.

Thanks for your ears (and advice).
Now ................................ back to our search.

Here is a Free Foreclosure search website,hope this will help you in your search. www.Freeforeclosuredatabase.com/I would check with the state licenseing board website to see if what the realtors are doing is ethical,something don't sound right.I would also go to your state Real Estate board of Commisions website to double check on Disclosure.When there is mold in a house for sale it becomes a health hazard,even HUD has a disclosure Policy.Best of luck to you,hope in the end you will get the property.

I know from experience how frustrating it is to be rejected when you have your hopes up on a deal. When I first started at this I had no food, I was in foreclosure on my house and had no money to pay my bills. Every deal I came across I had hope that it was going to be the one to change my life. I tried for a few months and was ready to give up just like you. But I kept trying and then one day it happened. I had an offer accepted and found a buyer. If I had given up my life would be exactly where it was when I started.

So don't give up. I know it's hard but keep looking you will find that deal that will make the magic happen in your life, just as I did and so many others here.

"Whatever the mind of man can conceive and believe, it can achieve. Thoughts are things! And powerful things at that, when mixed with definiteness of purpose, and burning desire, can be translated into riches." — Napoleon Hill

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Do not fear, for I am with you; do not be dismayed, for I am your God.I will strengthen you and help you; I will uphold you with my righteous right hand. Isaiah 41:10

I've read the posts here and in this short time span i can already hear that you are starting to recharge and begin again! This website isn't just about learning things but also is a support system and I'm so glad you were able to tell your story, take a step back and let others lift you up for awhile.

I'm always of a mind if something is meant to be then it will be, and if something doesn't happen it's just because there is something better waiting.

Wow,
Your scenario of the auction, and even the list price is similar for me. Tomorrow we are going to see a property that we had made an offer that was rejected before foreclosure, went to the foreclosure auction to see what happens, the house went for $56,000. (I was unsure how to secure financing quickly...haven't learned that yet) It has just been given a list price from the state agency that owns it for $79,900. I have an emotional reason also, I want this house to rent to my son and daughter n'law and grandbabes. So far in my small town this house seems to be the right one for a family transitioning from apt. and not planning to stay in the area long. I know the house, know what repairs are needed.

I will take the lesson that everyone seems to be saying to you. Don't get too emotionally attached. That's pretty hard since I've seen so many houses that just did not fit my criteria. I haven't had any trip my radar since May.

We'll see the condition the house was left in tomorrow, and if it remains about the same as when we saw in May, we are going to offer, not sure what yet.
People with experience, any advice????

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P.

“The one who has hope lives differently;
The one who hopes has been granted the gift of a new life.”
Pope Benedict, Spe Salvi,2

I pretty much can empathize with the two of you because if you've read some of my past post then you'll know how I had gotten taken for a ride by my agent and his buddies and a few other personal matters that occurred simultaneously along with all of that and the funny thing about all of that is my ex-agent just called me last week before i left state and asked if we could work together again. NO, I didn't even entertain his call and deleted his voice message. I was really down in the dumps behind everything and just like you decided that I couldn't do this anymore. Well I fell into a stupor of sorts for a few weeks until I noticed that everyone else that I had started out with on here had started making deals and closing on them too. That's when I decided to take jump back into the game. Now instead of just dealing with my local market, I also make offers on real estate out of state as well. I also joined the success academy two weeks ago before I went out of state to take care of some personal business. It's definitely hard going in this business of investing, but like any game you've just got to keep at it until you've got it down solid. Sure, you're going to run into brick walls from time to time, but if your game is good, you'll know how to get around them. If you can't get that particular property then just don't focus too hard on trying to because if you do, then like me you'll quickly lose focus on the bigger picture(investing in lots of other real estate). So my advice to you two is that if the market is tough there, then invest in other towns and states. There are no fences up in real estate investing, so therefore you're free to move around with it. You're INVESTORS, go out and invest!

Don't give up. If the house has mold and needs the repairs that you are saying it needs and Fannie is asking full price (which technically they are if they're ignoring your repairs and going with what the realtor said) I can tell you the house will sit. I just talked to a realtor that said the bank had been firm on their offer and wanted full asking. Of course, it was a Fannie house. Anyhow, the house sat for 45 days with offers coming in low and Fannie demanding full asking. No takers. Guess what they just did a HUGE price drop! Keep your eye on the house. Once a buyer comes in and does an inspection and discovers mold there will be no financing available which means they have to take cash. Fannie can't ignore it anymore. Wait 3 weeks and if the house is still on the market then put in another offer!

Have you thought about trying to look foreclosures in other states. I know some states have more than others. AZ, CA and FL have the highest rate of foreclosures. Maybe you can join up with someone there in one of these states. Just a thought.

Hi Kari,
Agents can be tough. You fight fire with fire. What ever they throw at you, throw it right back with conviction. We all make mistakes. From this we become great! So next time you have representation. Your right to let it sit. But as many have said, keep it on close watch. Timing is important in this business. Everyday you wake brings new opportunity. You can do this! For every no, just know there is a yes just waiting its turn to appear. At times it may seem impossible. Keep the faith an remember we have been empowered with tools like no other. Continued success.......Lubertha

Don't give up. I've been on this site reading and learning different information from posts over the months. I haven’t closed one deal yet. In fact I just put my first deal under contract for assignment. Don’t let someone else tell you what you can’t do. You hit a bump in the road and now it’s time to pull it back together. One thing that has been a constant on this site is the ability to share, network and get encouragement. You are in the same position that a lot of us are in….waiting for that first deal to be completed.

Most of us will never meet face to face, however, there is one thing that you can depend on with this site….you will gain knowledge, get good advice, make friends, and get a few laughs here and there.

Don’t give up! That “no” just got you closer to a “yes”…it’s out there waiting for you. It's like Carol Stinson (freeindeed) said in one of her post…..”do it scared”…. or in your case “do it angry”….whatever works. Try something different, use another technique….your deal is out there waiting for you.

Hi every one my name is Laura. This is my first post since joining in 2008. Well I just started to learn how to use a computer in 2008. I just wanted to say thank you to all of you for your wonderful advice. Its come in handy. I am starting to call real estate agents and looking for investor and talking to brokers who are sending some good foreclosures, short sale, and reos. Now I just need to put things in action. So hope to be posting some good news. Good luck every one from your future investor Laura.

hello everyone I have just recently in the last 2 weeks bought the books which i am now reading and already want to start making deals, even though i have not found a realestate agent , buyers or sellers..lol. I have ambition and the time it takes to be an investor. i do not at this time have the funding...but hopefully that will change soon. my question for the rest of you is... are you all in the academy? And If so, does it work..I'm not sure whether to give that a try or not so some honest imput would be nice...
Thank you all.
Tara from california

Something to think about. Kari, remember, "Graziosi Rules." They cannot deter us, so while they are sitting on it we are on the move to that next great deal. In this business, we have to remember that there will be NOs ad Yes, that is the business of real estate. We just have to understand that we embrace the yes and pray that the no will turn to yes down the road. You are destine for greatness, get on the band wagon and make that deal happen. God Bless.

Sandra

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"You can never get to the top, if you are not willing to climb. Do not look at the difficulty of the climb, only anticipate the view from the top."
"Can't even walk without you holding my hand." (Song)
"Is anything too hard for the Lord ..." Genesis 19:14
"In all things, wait on the Lord."
"Think not of your own deliverance, but trust in God who will give in abundance."
"When you are down to nothing, God is up to something." Unknown
"Our lives begin to end, the day we become silent about those things that really matters." Dr. Martin Luther King Jr.

We all come across bumps in the road. That is how we learn to appreciate everyday. God has not put the spirit of fear in us. He has given us his strength. Yes, there are people out there that will tell us "No" but we must push on. I say Don't Give Up.

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